During its meeting of October 8, 2024 the Economic and Financial Affairs Ministers of the European Union (ECOFIN) Council removed Antigua and Barbuda from the EU list of non-cooperative jurisdictions for tax purposes.

With these updates, the list consists of the following 11 jurisdictions:

  • American Samoa;
  • Anguilla;
  • Fiji;
  • Guam;
  • Palau;
  • Panama;
  • Russia;
  • Samoa;
  • Trinidad and Tobago;
  • US Virgin Islands; and
  • Vanuatu.

 

Reasons for removing Antigua and Barbuda from the list

Antigua and Barbuda was included in the EU list of non-cooperative jurisdictions for tax purposes in October 2023, after a negative assessment from the OECD Global Forum with regard to exchange of information on request. Following changes to the applicable rules in Antigua and Barbuda, the Global Forum has granted it a supplementary review, which will be undertaken in the near future. Pending the outcome of this review, Antigua and Barbuda has been included in the relevant section of Annex II.

In addition, two jurisdictions that have been listed for an extended period of time, namely Fiji and Palau, have made promising steps towards compliance with the listing criteria, and this has been reflected in their entries in the list.

 

State of play document (Annex II)

In addition to the list of non-cooperative tax jurisdictions, the Council approved the usual state of play document (Annex II) which reflects the ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.

Its purpose is to recognize ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles.

Two jurisdictions, Armenia and Malaysia, fulfilled their commitments by amending a harmful tax regime, and will be removed from the state of play document.

In the light of recent reassurances, Vietnam has been given more time to comply with its commitment on country-by-country reporting and will be reassessed in the next update, planned in February 2025.

 

 

Copyright – internationaltaxplaza.info

 

 

Follow International Tax Plaza on Twitter (@IntTaxPlaza)

 

 

Submit to FacebookSubmit to TwitterSubmit to LinkedIn
INTERESTING ARTICLES